BAP - Credicorp Ltd. (BAP) Q1 2024 Earnings Call Transcript
2024-05-10 16:50:25 ET
Credicorp Ltd. (BAP)
Q1 2024 Results Conference Call
May 10, 2024 10:30 AM ET
Company Participants
Milagros Ciguenas - IRO
Gianfranco Ferrari - CEO
Cesar Rios - CFO
Alejandro Perez-Reyes - COO
Francesca Raffo - Chief Innovation Officer
Reynaldo Llosa - Chief Risk Officer
Cesar Rivera - Head of Insurance and Pension
Carlos Otello - Mibanco, CFO
Diego Cavero - Head of Universal Banking
Conference Call Participants
Ernesto Gabilondo - Bank of America
Renato Meloni - Autonomous
Thiago Batista - UBS
Tito Labarta - Goldman Sachs
Yuri Fernandes - JP Morgan
Carlos Gomez Lopez - HSBC
Andres Soto - Santander
Alonso Aramburu - BTG Pactual
Presentation
Operator
Good morning, everyone. I would like to welcome all of you to the Credicorp Limited First Quarter 2024 Conference Call. A slide presentation will accompany today's webcast, which is available in the investor section of Credicorp's Web site. Today's conference call is being recorded. As a reminder, all participants will be in listen only mode [Operator Instructions]. Now it is my pleasure to turn the conference over to Credicorp's IRO, Milagros Ciguenas. You may begin.
Milagros Ciguenas
Thank you, and good morning, everyone. Speaking on today's call will be Gianfranco Ferrari, our Chief Executive Officer; and Cesar Rios, our Chief Financial Officer. Participating in the Q&A session will also be Alejandro Perez-Reyes, Chief Operating Officer; Francesca Raffo, Chief Innovation Officer; Reynaldo Llosa, Chief Risk Officer; Cesar Rivera, Head of Insurance and Pension; Carlos Otello, Mibanco, Chief Financial Officer; and Diego Cavero, a Head of Universal Banking. Before we proceed, I would like to make the following safe harbor statement. Today's call will contain forward looking statements, which are based on management’s current expectations and beliefs, and are subject to a number of risks and uncertainties, and I refer you to the forward-looking statement section of our earnings release and recent filings with the SEC. We assume no obligation to update or revise any forward-looking statements to reflect new or changed events or circumstances. Gianfranco Ferrari will start a call with opening remarks about our improved microenvironment and brief comments on our strategic initiatives. Followed by Cesar Rios, who will present in more detail the evolution of key macro figures, our financial performance and revise outlook for 2024. Gianfranco, please go ahead.
Gianfranco Ferrari
Thank you, Milagros. Good morning, everyone. Thank you for joining us. Despite our strong structural microeconomic figures, the persistent fragility of the government and its limited capacity to implement timely policies aimed at stimulating investment and economic growth has prompted S&P to downgrade our sovereign grade rating to BBB minus. This downgrade is expected to affect the investor appetite for our countries. In our view, however, we do not expect the economic growth agenda that has been put in place this year by the executive branch to change prior to the 2026 general elections. The overall economic outlook remains positive with expected GDP growth revised upward to 3% in March from the previous projection of 2.5% committed in our last call. Beyond better weather conditions benefiting the fishing, agriculture and textile sectors as El Nino has ended, several factors support a gradual recovery of economic activity during the upcoming quarters. Copper and gold prices have increased significantly and are expected to remain high, a lower inflation rate, which will benefit consumers. And lastly, the stimulative effect of counter cyclical economic policies, such as a lower central bank policy rate and higher dynamism of public investment, which will start to feed in to the economy....
Credicorp Ltd. (BAP) Q1 2024 Earnings Call Transcript